Quick Start Guide
Overview
Chargebee RevRec is a simple and easy-to-use application that streamlines the accounting and bookkeeping process for your revenue recognition requirements. Set up RevRec and automate the revenue recognition process for your business. This quick start guide will help you get started with RevRec at ease. If you'd like to learn in detail about each module, look at all our documents using the left navigation or the search bar to look up specific topics or features.
If you are a Chargebee user, check out RevRec Essential that comes auto-populated with data from your Chargebee site and pre-configured with a default set of configurations like rule-based revenue allocation, reporting capabilities, and auto-close of accounting periods. With RevRec Essential, you do not have to configure any of the settings discussed below. Contact RevRec Support for more details.
Once you create and verify your account with RevRec, you can log in to get started. Following are some key configurations that you need to set up or familiarize yourself with, to get started and use RevRec:
- Understand RevRec Environments
- Invite Your Team Members
- Populate Your list of Products and Services
- Configure Revenue Rules
- Configure Your Home Currency
- Configure Journal Account Mapping
- Add Data
- Review Results
- Manage Accounting Period Close
Understand RevRec Environments
When you log in to your RevRec account, you get access to a test and a production environment. We recommend that you set up a sample data set in the sandbox environment first, play around with available features and use the production environment once you get comfortable.
Learn more about RevRec Environments.
Invite your Team Members
Invite more users to your RevRec site from other teams, and assign them pre-defined roles and permissions.
Learn more about User Management.
Populate Your list of Products and Services
The product and service offerings you sell are to be configured as Products in RevRec. You can have the product records synced automatically from other systems, set up your product catalog on RevRec directly through the User Interface (UI), or do a bulk upload if you have not integrated with any other systems. Additionally, you can create Performance Obligations in RevRec that allows you to allocate the transaction price to a Performance Obligation product that is not explicitly listed as a sold item to the customer in the sales order; but is viewed as a distinctive product that should get transaction price allocation from a revenue recognition perspective.
Learn more about configuring Products.
Configure Revenue Rules
The following settings are available to configure Revenue Rules for all your Products and Services in RevRec:
Stand-alone Selling Price: The Stand-alone Selling Price(SSP) is the price at which a product is sold on a stand-alone basis.
Revenue Recognition Policy: Under ASC 606 and IFRS 15, revenue is earned as performance obligations are satisfied. There are different ways in which revenue can be allocated and recognized for your products and services. RevRec currently supports Ratable, Point in Time, and Proportional Performance methods for revenue recognition.
The Stand-Alone Selling Price, performance obligations, and the applicable revenue recognition policy for your business are determined by you and reviewed by your accounting policy team and/or auditors (if applicable).
Once you configure your Revenue Rules on your RevRec site, they are applied to each line item of the contracts to recognize revenue in accordance with ASC 606 and IFRS 15.
Learn more about configuring Revenue Rules.
Configure Your Home Currency
If you are a business selling in multiple geographies and currencies, the multi-currency feature in RevRec helps you translate and consolidate various foreign currencies to view metrics in your home currency. Before you populate your product details in RevRec, make sure that you enable the multi-currency feature and configure your Home currency and your preferred Foreign Exchange data source.
Learn more about Multi-currency.
Configure Journal Account Mapping
You can map RevRec internal chart of accounts to the specific General Ledger accounts you are using in your accounting systems. After connecting your accounting system with RevRec, you can use the account mapping feature to select the account you want to use from the list pulled from your accounting system. RevRec automatically generates the journal entries when the transaction data is processed based on the GL accounts and mappings.
Learn more about Journal Accounts and Mapping.
Add Data
Once you have set up your RevRec site, you can start adding your business data including customer, sales order, invoice, and delivery data. You also need to decide on a conversion strategy to migrate your existing data to RevRec.
Adding Customer Data
The customer records can be added basis your products and services, either directly through the RevRec application User Interface (UI) or through bulk upload. Once you have added your customer records, you can add invoices for them. Learn more.
Adding Sales Order and Invoice Data
Integrate your RevRec site with popular CRM and billing management applications. RevRec automatically processes your sales orders and billing data for revenue recognition. You can also upload them as batch files in RevRec or enter and edit data directly through the RevRec application User Interface (UI). Learn more.
Adding Delivery Logs for Sales Orders
- Delivery information is critical when it comes to products that are configured with Proportional performance-based revenue recognition. You can manually specify delivery details for your sales orders under the Delivery section or do a bulk upload as well.
Learn more about adding delivery logs.
Migrating Data into RevRec
Conversion refers to the process of converting from your current ASC 606 and IFRS 15 accounting process into a new accounting close process that runs on RevRec. Check out the conversion settings to migrate your prior data into the RevRec system. Learn more.
Review results
Once RevRec finishes processing your transactional data, it allows you to review your results through the following:
- Process Validation and Control Checks help ensure the completeness of the data sync and process.
- Reports help you understand the revenue results, do a deep-dive analysis and look at roll forward and journal entry reports.
Learn more about Validation and Reporting.
Manage Accounting Period Closing
RevRec allows you to easily manage your accounting period close on your site. It even helps you post your journal entries to your accounting system if you have direct integration in place. Configure and run preliminary results automatically to review the monthly results before closing. There's more! You can even schedule automatic closure of your accounting period.
Learn more about Accounting Period Close.
Congratulations, you now have everything in RevRec! Go ahead, explore and get more familiar with essential features, functionalities, and reports.
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